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economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. homes have been lost, jobs shed, businesses shuttered. our healthcare is too costly costly and our schools fail too many. each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet. these are the indicators of crisis, subject to data and statistics. less measurable, but no less profound is a sapping of confidence across our land. a nagging fear that america owes the decline is inevitable, but the next generation must lower its sights. today i say to you that the challenges we face are real. they are serious and they are many. they will not be met easily or in a short span of time, that know this, america -- they will be met. [cheers and applause] on this day, we gather because we have chosen hope over fear, unity of her pace over conflict and discord. on this day we come to proclaim an end to the petty grievances and false promises, the recriminations and
our economy down. it is time for democrats and republicans to work together to create a plan to get our nation and families back on track. every family and every business has a budget. our nation should have a budget as well. every year the president is required by law to submit a budget proposal to congress by february 4. the obama administration has already informed congress that for the fourth time in five years, it will be late submitting a budget to your representatives. the president has already missed more budget deadlines than any of his predecessors. the house and senate are also required by law to submit a budget each year. by april 15, tax day. the democratic one senate has not approved such a resolution in almost four years. this is not the result of washington gridlock. harry reid said it would be foolish for his party and then does the senate to produce a budget. we disagree. with more than $16 trillion in debt, we believe is foolish not to have a budget. in the house, and it will again meet our legal obligations to pass the budget on time. our budget will moderate spe
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